Good morning New York,
FT ALPHAVILLE
It's all been about QE: Paul reports from Citi's European Credit Conference, where the key news, on the ground, is that several speakers have fallen foul of the fog. Lots of flights into Heathrow have been cancelled. But we've had an opening address from Citi's head of credit sales, Matt King. Message: 'Be modestly long the riskiest assets; trash is good, but position yourself close to the exit.'
NEWS
General Motors has given implicit support to PSA Peugeot Citroën to pursue its plans for Chinese state-owned carmaker Dongfeng to invest. GM, which owns 7 per cent of the struggling French group, has said it will waive its right to terminate the alliance (Financial Times).
European regulators have raised fresh concerns about opaque insurance accounting, in a new report on financial stability. Supervisors have raised fresh concerns about insurers' bookkeeping across much of the continent, as a 15-year effort to reform the sector's accounting rules remains held back by disagreements between the industry and watchdogs (Financial Times).
There was a flying start to the Hong Kong listing of former bad-bank Cinda, as shares rose 26 per cent in early trading in Hong Kong. By raising about $2.5bn, Cinda is the biggest initial public offering in the city this year. When bankers launched the deal last month, they were overwhelmed with early orders (Financial Times).
John Malone has stepped up a push to consolidate the European cable industry. Dutch operator Ziggo has revealed it is in talks with the US cable tycoon's corporate flagship Liberty Global (Financial Times).
World airlines will together post net profits of $12.9 billion this year, or 1.8% of revenue. The projection from trade group IATA was a rise of 10 per cent from its previous forecast in September (Wall Street Journal).
Industrial output in the 17 countries that share the euro fell sharply in October. The European Union's statistics agency said industrial production was 1.1% lower than in September, the second straight month of decline and the sharpest drop since September 2012 (Wall Street Journal).
